How Important is Health Insurance for your Family?
We look towards our family when we need encouragement, love and support. Family makes us feel secure. So, it is our responsibility towards our family members when it comes to ensuring a secure future for them. Sound planning for the family household expenses is of utmost importance to prevent a financial crunch. However, unexpected expenditures in times of medical emergency can hamper a family's budget to a great extent. Thus, opting for health insurance plans for family is absolutely necessary for safeguarding one's family budget. This is particularly true, given the rising costs of quality medical care in our country.
Health insurance plans for family are designed to provide complete coverage for the medical treatment for more than one member of a family. If one member of the family is hospitalized due to an ailment or injury, the entire sum insured under this family health plan can be availed for the treatment.
Benefits of Family Health insurance Plans
When it comes to safeguarding your family, a comprehensive health insurance plan for family is the best as it provides medical cover for the entire family under a single policy. Moreover, there are a host of other benefits, as mentioned below:
- High sum insured: The plan offers increased sum insured under a single policy as compared to the individual health plan.
- Cashless hospitalization: Just like the individual health plans, health insurance plans for family also offer cashless treatment in the network hospitals of the insurer.
- Affordable: Under a single premium that is paid once a year, a family health insurance plan covers the medical expenses for all the family members.
- Option to add members: Policyholders have the option to add or change the members of the family in the same plan, also increase the sum insured, instead of availing a separate plan for the new member.
- Tax Benefits: Policyholders of health insurance plans for family can enjoy tax deductions, under Section 80D of the Income Tax Act, on the premium they pay.
Difference Between Individual and Family Health Insurance Plans
All the health insurance plans offer medical cover during times of emergency, thus ensuring there is a financial cushion. Such plans greatly benefit when one is aiming to prevent out of pocket expenditures that often come with medical treatment.
Individual health insurance plans and family health insurance plans are similar in a way that both these plans offer coverage for medical expenses. However, there is a clear difference between these two plans. Affordability is one defining factor that gives health insurance plans for family an edge over individual health plans. Buying separate individual policies for each family member can be quite expensive as far as paying premiums are concerned. Health insurance plans for family are effective when you are focusing on minimum expenditure. That is, at a single premium you can get a high insurance cover for your family members including yourself, spouse, children, and dependent parents.
The entire coverage amount can be spent by anyone or all the members of the family. The value of the sum insured accordingly gets reduced when you make a claim for one member. However, the coverage amount of the plan is not limited to just one member as in the case of individual health insurance. Moreover, premiums of family health insurance plans are decided on the basis of the oldest member of the family whereas it is decided on the basis of one member only in individual plans.
Check: Health Insurance Premium Calculator
How to Claim your Family Health Insurance?
Here are the two ways you can claim your family health insurance:
In the case of Cashless Facility:
- Get the pre-authorization form from the TPA Desk of the network hospital and fill all the required details.
- Collate all the medical bills, diagnoses, and doctor's prescription.
- Submit all the required documents along with policy claims to us.
- Once your documents will be verified by us you receive an approval letter from our claim management team.
In the case of Reimbursement:
- Fill claim form and attach all the required documents along with the form.
- Submit the form and the required documents to us.
- The claim management team may raise the query.
- Once the team cross-check and verify the documents you get an approval letter from the claim management team.
- After approval, your hospitalization expenses will reimburse up to the sum insured.
How to Buy Family Health Insurance plans Online?
At present, when medical inflation is galloping, and treatment costs are skyrocketing, it's wise to take a comprehensive family health insurance plan. It not only covers your medical needs but also supports you during the financial crunch. Now, it's easy to opt for health insurance plans for family online. Read below how you can buy it:
- Enter the required details in the form given on the Care Health Insurance (formerly known as Religare Health Insurance Company Limited) website.
- Get the quote
- Choose the one that suits your needs
- Fill the required details
- Submit the required documents
- Make online payment
- You will receive an insurance policy on your registered email id and hardcopy through a registered post.
Tips to Choose the Right Health Insurance Plan for your Family
Investing in the right health insurance is a wise decision to protect yourself and your loved ones in case of any medical emergency. But how to choose the right plan can be an overwhelming task. Here you can read these tips that help you to opt for the health insurance policy that best suits the medical needs of your family.
Maximum Coverage: Comprehensive family health insurance policy provides maximum coverage including pre and post-hospitalization expenses, diagnosis expenses, treatment, medication, organ donor cover, chemotherapy, and radiotherapy and annual health check-ups.
Affordable Premium: Calculate the premium with the help of online premium calculators available on the website and compare what plans, covers, and riders cost you less. Choose the plan accordingly that would not overburden your pocket.
Check Exclusions: Check the exclusions list carefully before choosing a family health insurance policy. There are certain conditions when your family cannot get the claim. So, opt for the cover that offers maximum coverage with minimal exclusions.
Check the Co-Payment Clause: Before investing in health insurance plans for family it's advisable to check the co-payment clause as well. It can range between 10 to 30% of the amount that you have to pay to settle the medical bills. However, any amount over and above this will be paid by the insurer.
Network Hospitals: Check what all network hospitals are partnered with the insurance provider. It's advisable to look for the hospitals that are near to your residence and well-renowned for healthcare services.
How to Claim Tax Benefits on Family Health Insurance Plans?
You can claim tax benefits on health insurance plans for family in the following ways:
Claim on Premium:
If you are below 60 years of age, then you can claim a tax deduction up to INR 25,000 on the premium paid against health insurance for self, and if you are above 60 years of age, then you can claim up to INR 30,000 per year.
Claim on Annual Preventive Health Check-ups:
According to Section 80D, you can avail tax reduction on annual health checkups up to INR 5000 per year.
Claim on Senior Citizen Policy:
If you buy health insurance for your parents above 60 years, then you can also avail of an additional deduction up to INR 50,000.
Add On Covers with Family Health Insurance Plan
No Claim Bonus Super
By choosing an optional cover – NCB Super – you can further increase your sum insured amount by 50% for every claim free year up to a maximum of 100%. Hence – in total with both NCB & NCB Super one can increase their sum insured up to 150% in 5 years.
Your family may avoid hospitalization for many years at a stretch. However, you have to be really fortunate to avoid doctor consultation for even a few months. For all the visits for all routine visits to the hospital - we give you 1% of your Sum Insured for doctor consultation & diagnostic tests each. This can be availed via a cashless health card and additional premium paid to avail this add- on cover is also applicable for tax benefit under section 80D of IT act.
Unlimited Automatic Recharge
There should never be a time when you run out of coverage, which is why by selecting this add – on cover your sum insured amount if re-instated in your policy every time your sum insured exhausts. And this can be availed unlimited number of times.
Air Ambulance Cover
The right cure may be miles away but never out of your reach with Air Ambulance Cover. For all those times when you might be recommended a treatment which is not in your city of stay.
One of the most beneficial add-on cover which take care of expenses incurred on doctor consultation fees, pharmacy, and investigation tests.
International Second Opinion
We believe that sometimes reassurance works better than the cure itself. Hence before going ahead with the treatment recommended, we give you an option to consult doctors and take a second opinion.
Quality Healthcare cannot have boundaries. So if you ever feel the need get treated at an overseas facility, rest assured, since with this add-on cover you get Global Coverage.